Financial Services Committee Chairman Jeb Hensarling (R-TX) today formally introduced the Financial CHOICE Act, the Republican alternative to the failed Dodd-Frank Act which has contributed to the weakest and slowest economic recovery since at least World War II.

The Financial CHOICE Act, H.R. 5983, will end taxpayer-funded bailouts of large financial institutions; relieve banks that elect to be strongly capitalized from growth-strangling regulation that slows the economy and harms consumers; impose tougher penalties on those who commit financial fraud; and demand greater accountability from Washington regulators.

Chairman Hensarling made the following statement about the introduction of the Financial CHOICE Act:

“Since Democrats passed Dodd-Frank, Americans on Main Street have been struggling with stagnant wages, struggling to get small business loans, and struggling to save for their future.

“House Republicans have a better way forward. It’s called the Financial CHOICE Act and it stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.

“Here’s what it does:

“It ends taxpayer-funded bailouts once and for all.

“It stops the cronyism that allows the powerful and well-connected to game our system.

“It lifts bureaucratic red tape -- intended for big banks on Wall Street -- off of community banks on Main Street.

“It requires banks to be well capitalized to prevent another financial crisis and puts in place the toughest penalties in history to protect consumers from fraud and deception.

“And it will help grow the economy for allAmericans -- not just those at the top.

“It promotes strong and transparent markets to revitalize job creation in our poorest communities and ensures every American has the opportunity achieve financial independence, no matter where they start out in life.

“That’s our plan and it’s a better way to revitalize America.”

Chairman Hensarling first unveiled details of the Financial CHOICE Act in June. The Financial Services Committee will begin meeting on Tuesday, Sept. 13 to debate the Financial CHOICE Act, consider possible amendments and vote on the legislation.